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Freeport To Acquire Plains, McMoRan Exploration At The Price Of $9 Billion US
Dec. 05, 2012 09:42AM PST
Oil and Gas InvestingFreeport-McMoRan Copper & Gold Inc announced on Wednesday it would buy Plains Exploration & Production Co and McMoRan Exploration Co for US$9 billion in cash and stock in a substantial expansion into energy.
Freeport-McMoRan Copper & Gold Inc announced on Wednesday it would buy Plains Exploration & Production Co and McMoRan Exploration Co for US$9 billion in cash and stock in a substantial expansion into energy.
Highlights from market news:
– Combination to create a company with gold, oil and natural gas assets around the world.
– Deal will help Freeport diversify; its mining profile mostly outside of the US and Plains and McMoRan in energy within California, the Gulf of Mexico and Texas
– Shares in Plains rose 25% to US$45.10 in premarket trading from the US$36.05 close on Tuesday